How much biological assets was reported by Romantic Baboy at December 31, 2022?
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- Marko Corporation has several assets for classification as biological assets. After reviewing the data gathered shown in the image, how much should Marko report as net gain from change in fair value of biological assets for the quarter? Cocoa pods kept in storage for the whole period Cows and Cocoa Trees Sheep Cost P300,000 P400,000 Carrying Value, April 1, 2020 Increase or (decrease) in value from price change Increase or (decrease) in value from physical change 800,000 900,000 P 200,000 (40,000) (50,000) 20,000 100,000 180,000 50,000B-Meg Farms is engaged in raising dairy livestock. Information regarding its activities of its dairy livestock is found below: Carrying value at January 1, 2021 P10,000,000 FV less cost to sell of biological assets purchased 4,000,000 Gain arising from change in fair value less cost to sell attributable to price change 800,000 Gain arising from change in fair value less cost to sell attributable to physical change 1,500,000 Decrease due to sales 2,000,000 Decrease due to harvest 500,000 What is the carrying amount of B-Meg's biological assets on December 31, 2021 statement of financial position? а. P13,800,000 b. P14,300,000 с. P15,800,000 d. P16,300,000Agri-Corp. provided you details on items relating to its biological assets. How much should be reported as gain on change in fair value of biological assets for the six-month period ending June 31, 2020? Fruit trees, at net realizable value Fruit growing on the trees Original cost Jan. 1, 2020 June 31, 2020 P1,200,000 200,000 P 800,000 P 1,000,000 100,000 Cattles 50,000 60,000 64,800 Cattles purchased on May 30, 2020 9.000 9,500 Note: solutions must be in good accounting form
- Which of the following is included in determining the fair value of a biological asset that does not have an active market and which has a 5 year production cycle? 1. Revenue from sale in 5 years’ time2. Costs of growing for 5 years3. Financing costs on borrowings taken out to fund the growing costs4. Taxation on taxable income generated from sale in 5 years’ time5. Discount rate that reflects expected variability in cash flows.The Company provided the following data: Value of biological asset at acquisition cost on 12/31/19, P 600,000 Fair valuation surplus on initial recognition at fair value on 12/31/19 P 700,000 Change in fair value to 12/31/20 due to growth and price fluctuation, P 100,000 Decrease in fair value due to harvest, P 90,000 What is the carrying amount of the biological asset on December 31, 2020? What is the gain from change in fair value of biological assets in 2020?On December 31, 2020, Stars Company reported the following information involving its biological assets. Biological assets, at cost on December 31, 2018 P 6.000,000 Fair valuc surplus on initial recognition at fair value December 31, 2019 7,000,000 Change in fair value to December 31, 2020 1,000,000 Decrease in fair value due to harvest during 2020 900,000 What amount should the biological assets be reported in the December 31, 2020 statement of financial position?
- P t Page: 10 of 23 - |+ Automatic Zoom Use the following information for the next three questions: A group of Entity A's biological assets has a carrying amount of P100,000 before year-end adjustments. Information at year-end is as follows: Active Market #1 Quoted price Transport costs Costs to sell Active Market #2 Quoted price | Transport costs Costs to sell P130,000 10,000 2,000 P135,000 12,000 3,000 6. If Entity A expects to transact in Active Market #1, how much is the fair value? a. 130,000 b. 120,000 c. 118,000 d. 123,000 Jeed the answer?The following information are made available by Wind Farms of its biological assets at December 31, 2022: Price of the assets in an active market, P5,100,000 Estimated dealer's commission, P30,000 Estimated finance cost and income tax, P20,000 Transport and other costs expected to be incurred to bring the assets to the market, P60,000 At what amount should the biological assets be recognized on December 31, 2022?5. The total sale of Magsasaka from its farm products and farm equipment is P400,000 and P50,000, respectiveiy. The cost of production amounts to P240,000 while the book value of farm equipment at the time of sale was P35,000. The other income of the farm amount to P12,500. Its beginning inventory was P125,500 while the ending inventory was. P175,000. If Magsasaka is using cash method of accounting, how much is his gross income during the year? P187,500 172,500 138,000 :C. d. 462,500 a. b. CS Scanned with CamScanner
- d a coffee roasting machine on 1 January 2019 at a cost of R3 300 000. Thepurpose of the roasting machine is to roast coffee beans produced by the company’s farms. Atthe date of purchase the machine was expected to have a total useful life of twelve years and a nilresidual value. A severe drought in 2020 has resulted in a reduced crop yield for that year. As a result of this, theroasting machine’s use has been reduced drastically. On 31 December 2020 management revisedthe remaining useful life of the machine to six years. Fundi Ltd calculated the following net cashinflows from the machine over the next five years. A discount rate of 8% is applicable, and thepresent value factors are as given below. Year R Discount factor2021 720 000 0.9262022 500 000 0.8572023 410 000 0.7942024 350 000 0.7352025 200 000 0.681On the 31 December 2020 the market value of the machine was R2 400 000 with estimated costsof disposal of R17 750. Required:Q.5.1 Calculate the value of the impairment…1. Biological assets, bearer plants, and agricultural produce are the three focal points of the scope ofIAS 41. Briefly discuss and compare each. 2. Dupont Corp. recently discontinued operations on one of its four branches. The branch is nowconducting a clearance sale. The fixed assets in the discontinued branch are now being offered forsale, and a buyer has been identified. The sale can take place within a year.Despite all this, the management insists on presenting all the fixed assets, including those thatbelong to the disposal group, as PPE as it would give an impression of large manufacturingcapacity. They are not in favor of presenting any amount of revenues from discontinuedoperations. Explain to them why these assets are no longer PPE and should be separated as assets-held-for-sale and why income on discontinued operation should be separated from continuing operation. 3. Apart from the benefits required by legislation, what benefit can a company expect from offeringadditional…At 31 March 2021, a valuation export informed the directors of Super that the property owned and used by Super for farming had significantly increased in value. This had been decided by looking at the price per square metre at similar properties in the area and concluded that this could be used to value Super’s farm with no adjustments necessary. Required: Which of the following bases describes the level of input used to value the farm in accordance with HKFRS 13 'Fair Value Measurement'? A. Level 4 input B. Level 3 input C. Level 2 input D. Level 1 input